Introduction to Marketing Vocabulary Flashcards

Vocabulary terms and definitions extracted from Chapter 1 notes on core marketing concepts, environmental factors, eras, customer value, and utilities.

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Exchange

The trade of things of value between a buyer and a seller so that each is better off after the trade.

Need

Occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.

Want

A need that is shaped by a person's knowledge, culture, and personality.

Market

People with both the desire and the ability to buy a specific offering.

Target Market

One or more specific groups of potential consumers toward which an organization directs its marketing program.

Marketing Mix

The controllable factors—product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem.

Product

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

Environmental Forces

Uncontrollable forces that affect a marketing decision, consisting of social, economic, technological, competitive, and regulatory considerations.

Customer Value

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Relationship Marketing

Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

Marketing Program

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Market Segments

Relatively homogeneous groups of prospective buyers who have common needs and will respond similarly to a marketing action.

Marketing Concept

The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.

Market Orientation

An organizational focus on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value.

Customer Relationship Management (CRM)

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them and become advocates.

Customer Experience

The internal response that customers have to all aspects of an organization and its offerings, including both direct and indirect contacts.

Social Responsibility

The idea that organizations are accountable to a larger society.

Societal Marketing Concept

The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.

Ultimate Consumers

The people who use the products and services purchased for a household.

Organizational Buyers

Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.

Form Utility

The value or customer benefits derived from the production of a product or service.

Place Utility

The value of having an offering available where consumers need it.

Time Utility

The value of having an offering available when needed by consumers.

Possession Utility

The value of making an item easy to purchase through the provision of credit cards or financial arrangements.

B Corp Certification

A certification awarded to companies for meeting the highest standards of social and environmental performance, transparency, and accountability to balance profit and purpose.